Have you ever wished you could create a time machine, and travel back into the 70’s or early 80’s and start buying up fields and wooded areas where strip malls and subdivisions stand today? Who knew that kind of explosive growth the real estate industry would go through? Imagine owning even a few of those parcels of raw land, just sitting there waiting for someone to build on. Of course, there is no time machine and we may have missed that boat, but what about raw land today? Is it possible to buy it and just let it sit there, waiting for a developer to come along and make you rich? Not the 70’s or 80’s Naturally, the first thing you must keep in mind about buying raw land today, is that it is no longer the 70’s or 80’s. Land costs a lot more, and much of it has…

More and more people seem to be making the move toward self-employment these days, so it’s only natural that questions about self-employment and mortgages would also be on the radar. The short answer to the main question is “yes” you can still get a mortgage if you’re self-employed, but it usually isn’t quite as easy. Types of Income The two basic types of income that are used when determining mortgage approval are “full” income and “self-employed” or “stated” income. If you have a full time job and receive a regular pay cheques, you have full income and you can report your income in the regular way. If you are self-employed and have a really high net income, you’ll also have an easier time of it. However, if you’re self-employed and don’t have a high net income, you are working with stated income and your options have a lot to do…

With so much written about getting mortgages and steps to take when getting mortgages, it’s easy to lose sight of the fact that the process doesn’t always move along so smoothly. Some people are declined by their lender when they try for a mortgage, and when this happens the discouragement alone may result in never wanting to try again. Thankfully, one denial doesn’t mean you can never try again, or that you’ll be declined again if you do. The first thing you must do after you’re declined is find out why and go from there. Discover the Reason If you’ve been denied in your mortgage attempt, you need to find out the reason. Sometimes, the reason is an easy one like your employer didn’t get around to verifying your income and sometimes it’s more complex, involving your credit score or not enough down payment. If your mortgage application is declined,…

Your mortgage rate, also known as the interest rate on your home loan, plays a huge role in how much you’ll actually be paying for your home in relation to the purchase price. Percentage points here or there on such a large amount of money over years can add up to thousands of dollars. Sometimes, it seems as though lenders just wake up and pick the first number that pops into their mind, but there is much more to the process than that. Here are some common factors that may end up affecting your mortgage rate. The Lender The different policies and restrictions of specific lenders play a role when it comes to your mortgage rate. Some lenders tend to be more conservative than others, but if a handful of conventional lenders are competing for your business, you might get a break on your rates. The Borrower The borrower, that’s…

As the name suggests, a commercial mortgage is a mortgage on a commercial property, instead of a residential property. That is, a property designed to make money in some way. The basic process for commercial mortgages is the same as with residential mortgages, but many of the details are different. Here is some more information. Types of Properties Some of the commercial properties that would require a commercial mortgage, include: Shopping malls Office buildings Industrial buildings Golf courses Hotels Resorts Parking garages These are just a few of the commercial properties that would need a commercial mortgage. You may also need one if you obtained a construction loan specifically to build a commercial property. Same Process, More Details In order to get a commercial mortgage, the general process is the same as it is for any other type of mortgage, including a residential mortgage. One of the big differences is…

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